Did you know that for all companies incorporated in Singapore, auditing is compulsory unless exempted? This increases credibility to the information provided to shareholders and assure investors to confidently make their decisions in a safe environment, reducing cost of capital and empowers companies to be profitable.
Advantages of Auditing
The benefits of auditing include:
Satisfying stakeholders such as employees, customers, suppliers, and pressure group, as well as the investing community, as to the credibility of published information
Facilitates the payment of corporate tax, good and services tax, and other taxes on time and accurately, thereby avoiding interest, penalties, and investigations
Enables the company to comply with banking covenants
Helps to deter and detect material fraud and error
Facilitates the purchase and sale of businesses
Takes advantage of the spin-off benefits such as advice on the structure and operations of systems
Demonstrates good corporate governance and citizenship
Special Purpose Audit/Certification for Subsidy Claim Audit
Claims are provided for certain audit purposes, which include:
1. Childcare/ Infant Subsidy Claims Audit
As part of MCYS audit requirements, Childcare centres are required to engage certified public accountants (CPA) to audit the centre’s infant/childcare subsidy claims annually or upon cessation of business.
We do the provision of auditing service on childcare centre’s infant/childcare subsidy claims and the scope of our Infant/child Care Subsidy Claims Audit Service includes preparation of the following which must be submitted to the Ministry 3 months after the centre’s financial year-end or cessation of business:
Preparation of the Statement of Subsidy Claims for the Financial Year
Preparation of Certification by External Auditors
Fund Raising Appeal by Societies
This is in accordance with the provision of Regulation 6 of the Societies Regulations issued under the Societies Act Chapter 311, Section 34 (the “Regulations”) relating to the fund-raising appeal held by the Society.
2. Claim Summary of Project Qualifying Costs
This is one of the Special Purposes Audit reports on the Claim under a particular Approved Project and under a particular Scheme administered by IDA based on the terms and conditions provided in the Letter of Offer between the company and the IDA.
The claims are for Approved Grant Amounts set the maximum amounts approved by IDA as set out in Qualifying Costs Table.
NOTE: This is a hundred percent (100%) full audit and the Independent Auditors’ Report shall follow AGS 1, template 2D.
3. House to House and Street Collection (HHSC)
License Audit Under the House to House and Street Collections Act, an HHSC license is required if one promotes a collection by way of appealing to the public, made using visits from house to house or of soliciting in streets or other places or by both such means, for money and other property.
After the collection event, the collection account needs to be certified by the chief promoter of the collection and by a CPA who is appointed by the organisation of the chief promoter to be the auditor of the account.
NOTE: The audited statement of account then must be submitted to the Commissioner of Police within two months of the expiry of the license.
We also certify the following financial information, statement, and statistics through our certification audit: